External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)</li><li>This was driven mainly by strong pre-buy for CPCB 2 gensets</li><li>The deadline for the sale of these gensets has been extended until Jul’24 (an extension of six months)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)This was driven mainly by strong pre-buy for CPCB 2 gensetsThe deadline for the sale of these gensets has been extended until Jul’24 (an extension of six months)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Cummins, Devyani International, Radico Khaitan

<ul><li>Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)</li><li>Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation</li><li>The FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spending</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectationThe FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spendingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

<ul><li>The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)</li><li>On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters</li><li>On a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quartersOn a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Radico Khaitan: Radico’s Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&amp;A outperformance</li><li>Net sales grew by 2% YoY (HSIE 5%), with IMFL volumes marginally declining by 0.7% to 7.24mn cases (four-year CAGR at 9%)</li><li>P&amp;A volume/revenue grew by 17/18% (HSIE 14/15%) on a four-year CAGR basis, volumes grew in the high teens</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Radico Khaitan: Radico’s Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&amp;A outperformanceNet sales grew by 2% YoY (HSIE 5%), with IMFL volumes marginally declining by 0.7% to 7.24mn cases (four-year CAGR at 9%)P&amp;A volume/revenue grew by 17/18% (HSIE 14/15%) on a four-year CAGR basis, volumes grew in the high teensContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Radico Khaitan, Kolte Patil Developers

<ul><li>Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)</li><li>Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recovery</li><li>Urban markets returned to positive volume growth while rural markets still remain muted</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recoveryUrban markets returned to positive volume growth while rural markets still remain mutedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev: Respite in demand and margins pressure

India

Radico Khaitan Limited is one of India's oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL), country liquor, and industrial alcohol. The company's product portfolio includes whisky, rum, brandy, vodka, and gin, with popular brands such as 8PM Whisky and Magic Moments Vodka. Radico Khaitan was established in 1943 in Rampur, Uttar Pradesh, India, and is headquartered in New Delhi, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Radico Khaitan (RDCK IN)

HSIE Results Daily: Cummins, Devyani International, Radico Khaitan

Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)

HDFC Securities

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation

HDFC Securities

FMCG: Demand recovery lags margins

On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters

HDFC Securities

HSIE Results Daily: Radico Khaitan, Kolte Patil Developers

Radico Khaitan: Radico’s Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&A outperformance

HDFC Securities

FMCG & Alco Bev: Respite in demand and margins pressure

Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)